Apple might be about to strike its biggest deal ever…with Dr. Dre

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The Financial Times is reporting (paywall) that Apple is close to securing a deal to buy Beats Electronics for $3.2 billion. It would be the biggest acquisition in Apple’s history. The FT says the deal could be announced as soon as next week.

Beats makes fashionable headphones and sells them at high margins, in a way similar to Apple’s own electronics business. Beats also recently launched a streaming music service. The company was founded in 2006 by hip hop star Dr. Dre and music producer Jimmy Iovine.

Private equity group Carlyle recently invested $500 million in the business at a valuation just over $1 billion. Apple CEO Tim Cook has been under pressure to invest the company’s enormous cash pile into new products. But sometimes, it’s easier to buy than build.